The Eligibility Requirements for Normal Retirement are:
The Eligibility Requirements for Early Retirement are:
Employees choosing early retirement without having 25 years continuous years of service with the plan shall have their benefits reduced by five percent (5%) for each full year or fraction thereof below the age of 65.
Eligibility Requirements for a Disability Allowance are:
No Benefits Will be paid to an eligible employee if:
A survivorship benefit is a post (after) retirement benefit available to a plan participant’s spouse, provided that the participant (the retiree) meets specific eligibility requirements and providing that the participant elects (applies for) a survivorship benefit at the time he or she applies for their retirement or disability benefits.
The employee funds survivorship benefits. The eligible employee’s monthly benefit is reduced to fund this benefit for their spouse. Benefits are reduced by taking into consideration the ages of the pensioner and spouse at retirement along with the type of option elected.
Who is eligible to apply for Survivorship Benefits?
An employee can only apply for a survivorship for his or her legal spouse.
Death Benefits shall be paid from the Fund to the designated beneficiary upon the death of a retiree who was receiving retirement or disability allowance benefits. This is a separate benefit from the Survivorship Option. The designated beneficiary does not have to be the spouse of the retiree.
The following table indicates the amount of death benefit depending on age and years of service in the plan.
Retired between November 1983 – Present
Retired between February 1982 – October 31, 1983
The Retirement Plan is responsible for:
Please contact Group Administrators regarding:
Employee’s contributions to the plan and the interest that their contributions have earned can only be refunded if the employee has become separated from the Authority. Contributions made by the Chicago Transit Authority to the Pension Plan are not refundable.
Forms of Separation:
Employees having at least ten (10) years of continuous participation in the Plan are vested. If an employee separates from service from the CTA after they have vested, but prior to being eligible to retire, they have the ability to apply for a deferred, vested pension which would begin at age sixty-five (65). The deferred, vested pension would be calculated based on the Plan provided in place at the time of separation from service in the CTA.